The International Stock Exchange has announced the publication of its new ‘Specialist Companies’ equity rulebook, with effect from 11th November.
Carey Olsen is part of The International Stock Exchange (TISE) Rules Committee, which helped finalise the Specialist Companies Equity Rules (as well as all previous Listing Rule updates).
The Specialist Companies Equity Rules are intended to attract privately held structures whose securities are not intended to be frequently transferred or traded and which are primarily held by institutional and professional investors.
The ability to list equity as a Specialist Company provides an efficient alternative to issuers whose securities are closely held and which do not cleanly fit within TISE’s ‘trading’ or ‘investment vehicle’ categories for general equity listings.
The Specialist Companies Equity Rules offer increased flexibility over TISE’s full equity listing rules, with streamlined application and disclosure requirements as well as continuing obligation requirements proportionate to the investor profile. Notably, there is no requirement to make the listing document publicly available on TISE’s website or to provide TISE with general shareholder meeting notifications under the Specialist Companies Equity Rules. Another key update is that companies listed under the Specialist Companies Equity Rules do not need to publish financial information on TISE’s website as a matter of course.
Matthew Ecobichon (pictured), Counsel in Carey Olsen’s Jersey debt capital markets team, commented: “We are delighted to have taken a central role in the development of the Specialist Companies Equity Rules and have already seen interest in the new segment from a number of issuers.”
